GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following was the first mutual fund listed on the newly launched mutual fund platform on National Stock Exchange (NSE)?
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LIC Mutual Fund
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UTI Mutual Fund
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SBI Mutual Fund
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Bank of Baroda Mutual Fund
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Explanation:
Detailed explanation-1: -SBI Mutual Fund was the first non-UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92).
Detailed explanation-2: -The modern mutual fund that we know today first appeared in Boston in 1924 with the introduction of the Massachusetts Investors’ Trust, which was the first mutual fund with an open-end capitalization, allowing the fund to continuously issue and redeem its shares.
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